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Company Accounts

20 Questions  I  By Sweetsalman123
Company Accounts

  
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1.  Sometimes directors pay dividend even before the year is closed and the payment is out of current year's profit. It is usually given on the debit side of trial balance and because it is an appropriation of profits, it is recorded on the debit side of profit and loss appropritation account.It is called
A.
B.
C.
D.
2.  A Ltd. Company forfeited 1000 equity shares of Rs.10 each, issued at a discount of 10%, for non-payment of first call of Rs.2 and second call of Rs.3 per share. For recording this forfeiture, calls in arrear account will be credited by:  
A.
B.
C.
D.
3.  On equity share of Rs.20, the company has called up Rs.18 but actually received Rs. 18. The Share capital would be credited by  
A.
B.
C.
D.
4.  A Co. issued Rs. 1,00,000 12% Debentures at 5% discount redeemabie at 5% premium after 10 years. Loss on issue of debentures will be  
A.
B.
C.
D.
5.  A share of Rs.200 each issued at discount of 10% is forfeited for non­payment of final call @ Rs.50 per share. The maximum loss it can bear in the re-issue of shares will be  
A.
B.
C.
D.
6.  Interest  is calculated on
A.
B.
C.
D.
7.  X Ltd. purchased the business of Y Ltd. for Rs. 90,000 payable in fully paid shares of Rs. 10 each at a discount of 10%. No. of shares given to vendors will be  
A.
B.
C.
D.
8.  A company on non-receipt of First Call money of Rs.2 per share and Final Call money of Rs.3 per share from Rahul, debited Call-in-Arrears account by Rs. 2,000 and Rs.3,000 respectively. After due notice 1,000 shares of Rs.10 each were forfeited from Rahul. The amount to be credited to First Call Account at the time of entry for forfeiture will be  
A.
B.
C.
D.
9.  Mohit Ltd had 9000,10% redeemable preference shares of Rs.10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of  Rs.10 each fully paid up at a discount of 10%. The number of equity share issued should be
A.
B.
C.
D.
10.  In the trial balance of a joint stock company, the following balances are given                                                                                    Dr.                               Cr.  10% Mortgage Debentures (Payable after five years)-                                                                      Rs. 1,00,000                                                                                                  Discount allowed on issue of debentures      2000  Amount of discount written off per year will be
A.
B.
C.
D.
11.  Loss on issue of debentures is treated as__________ .  
A.
B.
C.
D.
12.  A company issues 100 debentures of Rs. 1000 each at 97 per cent. Theseare repayable out of profits by equal annual drawings over 5 years.Discount on issue of debentures will be written off in the ratio                            
A.
B.
C.
D.
13.  Following balances are given in trial balance Debenture redemption fund 50,000 Debenture redemption fund investment 50,000 Interest on debenture redemption fund Investment 3,000 Increase in Debenture redemption fund by 10,000 Debenture redemption fund in Balance Sheet will be__________.  
A.
B.
C.
D.
14.  A company forfeited 2,000 shares of Rs.10 each held by Mr. Mohan for nonpayment of allotment money of Rs.3 per share. The called-up value per share was Rs.8. On forfeiture, the amount debited to share capital will be 
A.
B.
C.
D.
15.  The following information pertains to X Lt d. (1)     Equity share capital called up             Rs. 10,00,000 (2)     balls in arrear                                         Rs. 50,000 (3)     Calls in advance                                    Rs. 20,000 (4)     Proposed dividend                                     10% The amount of proposed dividend payable is 
A.
B.
C.
D.
16.  Koina Ltd. issued 15,00,000,12% debentures of Rs.50 each at premium of 10% payable as Rs.20 on application and balance on allotment. Debentures are redeemable at par after 6 years. All the money due on allotment was called up and received. The amount of premium will be  
A.
B.
C.
D.
17.  Xeta Ltd. was formed as a Public Limited Company with an authorized capital of Rs.20,00,000 divided into shares of Rs.10 each. Xeta Ltd. issued fully paid up shares of Rs.10/-each in consideration of acquiring assets worth Rs.3,80,000 from M/s Rahim Bros. The shares are issued at a premium of 20%. to record this transaction, share capital need to be credited by  
A.
B.
C.
D.
18.  Narain Ltd invited application for 50,000 shares of Rs.100 each at a discount of 8%. Discount per share will be  
A.
B.
C.
D.
19.  Dabur Ltd. Forfeited 400 shares of Rs.10 each fully called up, on which the holder has paid only application money of Rs.4 per share. Out of these 250 shares were reissued as Rs.12 per share fully paid up. Capital reserve will be credited  
A.
B.
C.
D.
20.  Jadu Ltd. reissued 2,000 shares, which were forfeited by debiting Share for feiture account by Rs.3,000. These shares were reissued Rs. 9 per share. The amount to be transferred to Capital Reserve account will be  
A.
B.
C.
D.
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